Why Getting a Mortgage Pre-Approval Letter Is the First Step to Buying a Home

Why Getting a Mortgage Pre-Approval Letter Is the First Step to Buying a Home

If you're looking to buy a home, getting pre-approved for a mortgage should be your first priority. A mortgage pre-approval letter is more than just a piece of paper — it’s your ticket to standing out in today’s competitive real estate market. Whether you're a first-time homebuyer or upgrading to your next dream home, mortgage pre-approval shows sellers you mean business.

What Is a Mortgage Pre-Approval Letter?

A mortgage pre-approval letter is a formal document from a lender that confirms how much home you can afford. Based on a review of your credit score, income, debts, and financial history, the lender issues this letter to show you're a qualified buyer.



Unlike a basic mortgage pre-qualification, a pre-approval carries real weight. It's a sign that you're financially ready to move forward, which can help you get your offer accepted faster in a hot housing market.

Why You Need a Mortgage Pre-Approval Letter

Here are three key reasons why a mortgage pre-approval is crucial when buying a home:

1. You’ll Stand Out to Sellers

In today’s competitive housing market, sellers often receive multiple offers. With a pre-approval letter, your offer shows you’re a serious buyer with verified financing. This can give you a significant edge over other buyers who aren’t pre-approved.  According to a Redfin report, buyers with a mortgage pre-approval are 75% more likely to have their offer accepted than those without one.  In contrast, buyers who make offers without a pre-approval letter are often overlooked entirely, especially in bidding wars, because sellers don’t want to risk delays or financing issues.

2. Know Exactly What You Can Afford

Pre-approval helps you set a realistic home-buying budget. You'll avoid wasting time looking at homes outside your price range and focus only on properties that truly match your financial situation.  According to the National Association of Realtors, nearly 44% of homebuyers end up surprised by what they can actually afford — pre-approval eliminates that uncertainty up front.

3. Speed Up the Closing Process

Since your financials have already been reviewed, getting pre-approved can significantly reduce delays when you're ready to move forward with a purchase. Sellers love this — and you’ll close faster.  Homes bought with pre-approved financing tend to close up to 10 days faster, on average, than those without pre-approval, according to industry data.

How to Get Pre-Approved for a Mortgage

To get started with your mortgage pre-approval, you'll need to gather a few key documents:

• Proof of income (pay stubs, W-2s, or tax returns)
• Credit report (the lender will run a check to review your credit score and history)
• Debt information (credit card balances, student loans, auto loans, etc.)
• Asset statements (bank accounts, retirement savings, investments)

At Bonelli Financial, our expert mortgage advisors make the process simple and stress-free. We help you gather the right paperwork and guide you every step of the way.

👉 Start your mortgage pre-approval now with Bonelli Financial!

Pre-Approval vs. Pre-Qualification: What’s the Difference?

Mortgage Pre-Qualification is a basic estimate of what you might be able to borrow. It’s based on self-reported financial info and doesn’t carry much weight with sellers.



Mortgage Pre-Approval, on the other hand, involves a full review of your finances by a licensed mortgage lender. It’s a powerful document that tells sellers you’re the real deal — and ready to buy.

Ready to Get Pre-Approved for a Home Loan?

Don’t start house hunting without getting pre-approved. It’s the smartest first step in the home buying process — and can make all the difference in landing your dream home.

At Bonelli Financial, we specialize in fast mortgage pre-approvals and personalized home loan solutions. Whether you're buying your first home, upgrading, or refinancing, we’ve got you covered.

✅ Get Pre-Approved Now — Fast, Easy & Free

👉 Click here to get started with Bonelli Financial today!